Layout plans may alter without you having any say in it, as the developer has the right to do so. The hefty sales contract is riddled with phrases like “more or less” and “subject to change without notice,” giving the developer free reign to change the plans on which you initially signed.

The market may change by the completion date bringing a drop in market value and interest rates may rise or your personal situation may change that would make condo life less appealing.

There may be additional costs on closing.

When you finally get the keys to your condo you don’t own it, yet, until the building is registered, and that could take up to a year. Meantime, you have to pay an occupancy fee to the developer. It’s much like paying rent on a condo you own.

Before you buy, make sure you’ve weighed all of the pros and cons of buying a condo on spec so that when you’re ready to move in years later, you love the place and have made a wise investment.